Negotiators for the House and Senate have agreed to back down on including extra funding within the supplemental spending bill, and are doing so to avoid a veto fight with the White House. The emergency spending bill, which is set to fund war efforts (which after this long should not be funded through the emergency procedure) and hurricane disaster relief, will most likely cost no more than $94.5 billion.

Yesterday, we listened to President Bush mislead Americans about the role the 2003 tax cuts played in the economic growth we've seen since 2003. Mr. Bush was not the only administration member misleading Americans. The Wall Street Journal blog, Washington Wire, caught this exchange bewtween Treasury Secretary John Snow Representative Barney Frank (D-MA) during testimony to the House Financial Services Committee on the International Financial System and the Global Economy.

Today, President Bush signed the $70 billion Deficit Growth Package (aka Tax Relief Extension Reconciliation Act of 2005) into law. And as he places more debt on the shoulders of our children and grandchildren, he continues to mislead the American people by claiming that the 2003 tax cuts are the cause of the growing economy. One of the most important decisions we made was to cut the taxes on dividends and capital gains. These cuts were designed to lower the cost of capital and to encourage businesses to expand and hire new workers. And these tax cuts are doing exactly what we expected.

Dishonest Budget Gimmick Enables Passage of Irresponsible Tax Cuts Fed. Report Underscores Estate Tax's Importance House Fails to Pass Budget Again -- Approps Move Forward Just the Same